Know how to identify fraudulent real estate schemes

Know how to identify fraudulent real estate schemes

A team with classFirestone grads earn perfect gradesCartoons: 6 15 17Coventry Middle School grateful for supportCartoon: 6 16 17Board hears concerns about possible closing of nursing schoolWest Side News NotesSummit Academy dedicates new playground for studentsAkron Marathon Race Series kicks off June 24Revere girls lacrosse team enjoyed steady improvementWoodridge boys track team wraps up successful seasonSt. Sebastian students win track championshipsAkron Marathon Race Series kicks off June 24Green softball coach looking to build on strong first seasonYoung athletes show promise for Coventry girls trackReal Estate HomeWest Side Real Estate News NotesThe number of cases of mortgage and real estate fraud continue to soar, and law abiding buyers and sellers across the country are inadvertently getting pulled into fraudulent deals without realizing it.Here are the possible players in a fraudulent real estate transaction:Appraiser, who inflates the value of the house or hides the true value from the mortgage company.Lender, who alters income, employment and credit documents or creates false ones for unqualified buyers, or who works with the appraiser to increase the value of the house. Often the lender gets a kickback on the inflated loan amount.Title company, which misrepresents current and previous ownership and produces forged deeds. Scannable Fake IDs Buyer, who lets someone else use their name and credit information in exchange for cash, or who takes cash back at closing, never intending to make any of the mortgage payments.Seller, who raises the price of the house and gives cash back at closing or agrees to a silent second mortgage that the lender doesn know about.Real estate agent, who pulls comparables in a neighborhood to justify the higher price of a house or who steers unqualified buyers to lenders who will handle loans.Notary, who notarizes documents without adequate evidence of who signing the paperwork.Even the most vigilant buyer or seller can inadvertently be sucked into a real estate scheme. Before you buy or sell, buy fake ids take a look at Yourself From Real Estate and Mortgage Fraud, by Ralph Roberts and Rachel Dollar (Kaplan 2007). The book walks you through every possible scenario and shows how you can protect yourself.Rules of thumb:If it isn in writing, it probably illegal. If every dollar in a transaction isn accounted for on the HUD 1 Settlement Statement, it evidence of fraud.If cash exchanges hands after closing, it evidence of fraud.If you pressured to lie about anything at all, it evidence of fraud.As an indication of the seriousness of real estate crimes, scannable ids a bill has been introduced in Congress to make available $65 million to state and federal regulators for the prosecution of the criminals.

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